The former stadium at Candlestick Point will become home to a 500,000-square-foot “urban outlet” shopping center under a new agreement reached between home builder Lennar Corp. and retail developer Macerich.

The shopping center would be designed as a pedestrian-friendly retail anchor for a $1 billion development that will eventually include 6,000 homes and create more than 3,000 jobs.

The project would feature neighborhood retailers, restaurants, an African-diaspora-themed marketplace, movie theaters, a performance venue and hotel. It also would include rental and for-sale homes, according to Lennar. Unlike most outlet centers, Candlestick Point will be dense, with underground parking and housing and entertainment above the stores.

“It’s a very urban kind of concept — rather different from a typical outlet center,” said Kofi Bonner, president of Lennar’s San Francisco division.